A lot of unexpected bullish momentum is currently keeping the cryptocurrency markets in a tight grip. Bitcoin has seemingly shifted into a higher gear and the rest of the markets do their best to catch up. The Litecoin price is one of the strongest risers in the altcoin segment, as its value will seemingly hit $70 without too many problems. That is, assuming Bitcoin doesn’t fall apart in the hours to come.
Litecoin Price Surge is Pretty Strong
When Bitcoin started pumping out of the blue, it quickly became apparent there would be some interesting market momentum for alternative markets as well. It now seems that is effectively what traders have gotten, although a lot of markets are still under bearish pressure. Litecoin is a notable exception in this regard, as it has effectively gained value without too many problems. The one downside is how LTC/BTC isn’t looking too healthy, but that is to be expected.
Over the past 24 hours, the Litecoin price has gained 10.2% in USD value to push the price near $67. There is also the 2.7% loss in LTC/BTC, which is not necessarily a good sign. When keeping the bigger picture in mind, it would appear there may be some further pressure in that department over the hours to come. It is very difficult for altcoins to note gains in BTC value when the world’s leading cryptocurrency turns bullish. Litecoin will face some struggles to hang on to the 0.01432 BTC level throughout today.
On social media, Litecoin is an actively discussed topic, although mainly for price chart purposes. Matt, for example, expects LTC/USD to keep improving throughout the day as the recent bull flag has been topped. As such, there is a chance this momentum will remain in place, and a push to $70 wouldn’t seem impossible by any means. However, depending on what happens to LTC/BTC, things could get a bit more interesting. A massive drop in that ratio can easily negate USD gains for Litecoin.
— Matt (@commander10) April 2, 2019
A slightly different sentiment is shared by Keshav R Narla. This user sees a major uptrend across all cryptocurrency markets, which seems to signal a major bull run could materialize for all markets in the coming months. Claiming how all cryptocurrencies are “out of the downtrend”, may be a bit premature, as there is still a chance this is an April Fool’s prank pulled by some big whales who want to manipulate the markets.
Crypto total market cap. RSI broke out as well. This is pretty significant. At some point the channel will be retested but technically as per 2015 move, we are out of the downtrend. Final confirmation after a retest of this channel again and a bounce#BTC #ETH #LTC #BCH #EOS #XRP pic.twitter.com/nyQRqjzXrL
— Keshav R Narla (@imkeshav) April 2, 2019
Plebonacci, on the other hand, would like to point out how bullish Litecoin momentum can usually bode well for other altcoins, assets, and tokens on the market. This Litecoin uptrend has been in place for quite some time, when looking at a slightly bigger picture, which seems to indicate there is something intriguing happening behind the scenes. However, there are never any guarantees in the cryptocurrency world, as everything is always subject to change.
— Plebonacci (@plebonacci) April 2, 2019
It is evident today’s major uptrend across all top markets will heavily rely on what happens to Bitcoin in the coming hours. As the world’s leading cryptocurrency will probably be unable to sustain this growth for more than a few hours, it is only normal to expect other markets to go through a similar trend. The coming hours will be pretty crucial for many different reasons, although it is unclear what will happen in the next few days.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.